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Seychelles International Trust
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Seychelles International Trust

   

Last Updated: 06 November 2003


» Key Corporate Features
» General Information
» Trust Information
» Trust Features

» Information Downloads
» Statutory Information Downloads


 Key Corporate Features

General
Type of entity: Trust
Type of law: Hybrid
Suggested proper law: Seychelles
Our time to establish a new trust: 2 days
Minimum government fees: US$100
Taxation on foreign income: Nil
Double taxation treaty access: No
Trust Assets
Standard currency: US$
Permitted currencies: Any
Limitation to trust assets No assets or property situated in the Seychelles
Trustees
Minimum number: 1
Local required: Yes, qualified
Publicly accessible records: No
Location of trustees meetings: Anywhere
Beneficiaries
Minimum number: 1
Publicly accessible records: No
Can settlor and trustee be a beneficiary: Yes, but not sole beneficiary
Accounts
Requirement to prepare: Yes
Audit requirements: No
Requirement to file accounts: No
Publicly accessible accounts: No
Other
Requirement to file annual return: No
Change in domicile permitted: Yes


General Information

»Introduction
The Seychelles group of islands in the Indian Ocean comprises over one hundred named islands, most being situated between four and five degrees south of the equator. The largest island is Mahé.

»Population

The Seychelles has a population of around 80,000, descended primarily from French settlers, Africans, British sailors and traders from India, China and the Middle East.

»Political Stucture
Discovery of the Islands is credited to the Portuguese explorer Vasco de Gama. The first French settlement was established on St. Anne Island on the 27th August 1770.In 1814 the Seychelles, along with Mauritius, were ceded to Great Britain under the terms of the Treaty of Paris. It was only in 1960 that the first gradual constitutional reforms were introduced.

The Head of State is the President and a National Assembly of directly elected Members heads the legislative side of Government. Seychelles is an independent republic within the British Commonwealth.

» Infrastructure And Economy
The Seychelles economy is primarily tourism and fishing based. Industrial fishing is on the increase.The rapidly expanding financial sector, linked to the establishment of the Seychelles International Business Authority and a suite of progressive laws facilitating the establishment of offshore structures and encouraging inward investment, is now a significant element of the economy.
An ever-increasing number of international banks and insurance companies have established either branches or subsidiaries whom, together with local management, accounting and legal firms provide clients with support.
The Port of Victoria is well equipped with modern cargo handling equipment and has more than 6,000 square metres of covered storage space.
The Seychelles International Airport is one of the finest in the Indian Ocean region. In addition to the national flag carrier, Air Seychelles, the airport is served by a number of other airlines.

» Language
The official languages are English, French and Creole. Creole is spoken widely. English is the main language of business.

» Currency
Seychelles Rupee.

» Exchange Control
Exchange controls do not apply to 'offshore' business.

» Type of Law
Based on English Common Law and French Civil Law.

» Principal Corporate Legislation
The International Business Companies Act 1994.

 

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Trust Information

Type of Trust
Discretionary, Charitable, Purpose

Procedure to Incorporate
After completing the documents required for a Trust, a declaration by the Trustees is to be made to the authorities confirming that the settlor is not resident of the Seychelles, the Trust property does not include immoveable property situated in the Seychelles and the Trust qualifies as an International Trust.

Language of Legislation and Corporate Documents
English or French. If any other language is used it must be accompanied by a translation in either English or French.

Local Trustee Required
Yes, must be licensed in the Seychelles.

Time to Register
Two days.

Name Restrictions
Anything identical or similar to a company already incorporated. Anything that implies patronage of the Seychelles, or any other government, insurance, royal, imperial or any other name that may imply that a company intends to undertake a licensable or undesirable activity.

Language of Name
The name can be in any language, but must be accompanied by a translation in English or French. The documentation will either be in English, or it is possible to have bilingual documentation in English and Chinese or any other language accompanied by a translation in English or French.

Disclosure of Beneficiaries to Authorities
No.

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Trust Features

Type Assets
The assets of the trust can be anything other than a property situated in the Seychelles or any shares, debentures, or any interests in any body incorporated under the law of a country other than Seychelles or an International Business Company or another International Trust.

Taxation
An International Trust is exempted from local taxation subject to the above.

Financial Statements Required
There is no requirement to file financial statements, but a trust must keep records to reflect its financial position.

Corporate Trustees
The minimum number of Trustees is one, and must be a licensed Trustee in the Seychelles.

Beneficiaries
An identifiable and ascertainable beneficiary has to be defined on creation of a trust. However beneficiaries can be added and excluded at any time by the Trustees. A settlor or trustee may also be a beneficiary but shall not at any time be the sole beneficiary of the Trust.

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Information Downloads

  Word  PDF 
 Seychelles International Trust Fact Sheet 112KB 66KB
 Enquiry Form 99KB 34KB
  Excel   
 Comparison Chart 114KB  

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Statutory Information Downloads

Access to this statutory material is provided by the International Tax Planning Association. Access to other laws relating to international tax planning is available to members on the Association's website, www.itpa.org.

  RTF 
 International Trusts Act 112KB 

How to Proceed

If you would like to discuss your requirements with one of our consultants,
please contact us.


 
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